Solana (SOL) Could Reach $1.4K in 2025 (Analyst)

TL;DR

• Solana has seen strong gains recently, with some analysts forecasting further growth.
• Increased on-chain volume and TVL suggest solid user engagement, potentially supporting future growth momentum.

Is the projected rally plausible?

Solana (SOL) was the best performing cryptocurrency (among the top 20 list) over the past week, with the price up 11%. On October 24, it briefly hit $178 (according to CoinGecko data), the highest level in almost three months. Currently, SOL trades at around $171, while its market cap is well over $80 billion.

To put things in perspective, the market capitalizations of well-known entities such as British American Tobacco, Spotify, Marriott International, Mitsubishi Corporation and others are worth less than that of Solana..

According to some X users, SOL has still to stun industry players with impressive winnings. Titan of Crypto is among the bulls, noting the emergence of a “massive bull flag” on the asset’s weekly price chart. The analyst wait the staggering 700% increase to over $1,400 next year.

This technical analysis pattern generally indicates that buyers are temporarily on hiatus after a rise in prices. However, this also suggests that they may resume shopping soon, push the valuation upwards.

It is important It is worth mentioning that such a price explosion would require SOL’s market capitalization to skyrocket to almost $600 billion. Currently, the only cryptocurrency with a higher cap is the market leader, Bitcoin (BTC), which makes forecasting quite difficult (to say the least). Ethereum (ETH) comes next with A little more than 300 billion dollars.

Titan of Crypto’s predictions sparked a wave of comments, with some X users describing the target as plausible. Others, however, said these were “insane numbers.”

These are insane numbers, probably think 400-500 and anything above that is a giveaway.

– Fusel (@Fuselwhale) October 24, 2024

A Closer Look at the Solana Ecosystem

SOL’s latest price appreciation aligns with increasing on-chain trading volume on the network. Data from DefiLlama shows that this figure has exceeded $2 billion in the last six days.

Additionally, the total value locked (TVL) on Solana skyrocketed to a 34-month high of over $6.7 billion. October 24.

The resurgence could be considered a generally positive factor for SOL’s price, suggesting higher user engagement. An increasing TVL indicates an increase in the amount of capital or assets held within the Solana decentralized finance (DeFi) ecosystem. This could be consulted as a sign of trust by market playersfueling additional interest from investors.